Bear Stearns Profit Up 15 Percent

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Bear Stearns Cos. said Thursday its fourth-quarter profit rose 15 percent, pushing its full-year earnings up 9 percent on strong proprietary stock trading revenues and an increase in its global clearing business.


The investment firm also said it has reached a tentative settlement with the Securities and Exchange Commission and the New York Stock Exchange over improper mutual fund trading practices. The company agreed to pay $250 million in fines and said it will hire independent consultants to review its trading procedures.


For the fourth quarter ended Nov. 30, Bear Stearns reported net income of $407 million ($2.90 per share), compared with $352.6 million ($2.61) a year earlier. Revenues rose 3 percent to $1.9 billion. Analysts had forecast fourth-quarter earnings of $2.63 per share on revenues of $1.79 billion.


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